Ezion Q3 net profit down 69%

EZION Holdings' third quarter net profit fell 69 per cent to US$9.4 million from US$30.3 million.

The offshore and marine firm's revenue for the three months to September 2016 fell 7.4 per cent to US$79.80 million on the back of lower charter rates and delay of deployment of the group's service rigs as a customer's project was postponed.

Earnings per share stood at 0.39 Singapore cents versus 1.69 Singapore cents.

No dividend was declared for the period.

Ezion said at current oil prices, it was seeing "pockets of renewed optimism" as it received enquiries and requirements for additional service rigs.